Driven Brands (DRVN) 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Nov. 06, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-39898
Entity Registrant Name	Driven Brands Holdings Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-3595252
Entity Address, Address Line One	440 South Church Street
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28202
City Area Code	704
Local Phone Number	377-8855
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	DRVN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		163,959,225
Entity Central Index Key	0001804745
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-30

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Revenue:
Revenue	$ 581,034	$ 516,594	$ 1,750,352	$ 1,493,541
Operating Expenses:
Selling, general, and administrative expenses	123,012	82,460	332,155	272,657
Acquisition related costs	1,667	2,325	7,264	9,981
Store opening costs	1,372	753	3,774	1,925
Depreciation and amortization	45,639	36,518	129,256	107,628
Goodwill impairment	850,970	0	850,970	0
Trade name impairment	0	0	0	125,450
Asset impairment charges and lease terminations	111,239	2,894	117,450	2,910
Total operating expenses	1,487,891	420,826	2,482,430	1,359,738
Operating (loss) income	(906,857)	95,768	(732,078)	133,803
Other expenses, net:
Interest expense, net	41,292	27,323	120,304	78,946
Loss on foreign currency transactions	2,980	15,582	3	30,490
Other expense, net	44,272	42,905	120,307	109,436
(Loss) income before taxes	(951,129)	52,863	(852,385)	24,367
Income tax (benefit) expense	(151,818)	14,472	(120,572)	8,592
Net (loss) income	(799,311)	38,391	(731,813)	15,775
Net loss attributable to non-controlling interest	0	0	0	(15)
Net (loss) income attributable to Driven Brands Holdings Inc.	$ (799,311)	$ 38,391	$ (731,813)	$ 15,790
(Loss) earnings per share:
Basic (in dollars per share)	$ (4.82)	$ 0.23	$ (4.40)	$ 0.10
Diluted (in dollars per share)	$ (4.83)	$ 0.23	$ (4.41)	$ 0.09
Weighted average shares outstanding
Basic (in shares)	162,398	162,760	162,698	162,768
Diluted (in shares)	162,398	166,831	162,698	166,663
Franchise royalties and fees
Revenue:
Revenue	$ 47,362	$ 45,562	$ 140,682	$ 128,300
Company-operated store sales
Revenue:
Revenue	389,041	341,211	1,159,685	957,487
Operating Expenses:
Operating expenses	262,282	209,562	762,731	580,368
Independently-operated store sales
Revenue:
Revenue	43,582	40,469	157,647	158,500
Operating Expenses:
Operating expenses	25,773	23,254	87,095	85,396
Advertising contributions
Revenue:
Revenue	27,121	22,018	73,547	63,807
Operating Expenses:
Operating expenses	27,121	22,018	73,547	63,807
Supply and other revenue
Revenue:
Revenue	73,928	67,334	218,791	185,447
Operating Expenses:
Operating expenses	$ 38,816	$ 41,042	$ 118,188	$ 109,616

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (799,311)	$ 38,391	$ (731,813)	$ 15,775
Other comprehensive income (loss):
Foreign currency translation adjustments	(26,043)	(71,063)	(8,527)	(118,751)
Unrealized (loss) gain from cash flow hedges, net of tax expense (benefit) of $21, $12, $0, and ($14), respectively	(281)	8,606	(259)	8,513
Actuarial (loss) gain of defined pension plan, net of tax expense of $0,	(27)	5	(15)	12
Other comprehensive loss, net	(26,351)	(62,452)	(8,801)	(110,226)
Total comprehensive loss	(825,662)	(24,061)	(740,614)	(94,451)
Comprehensive loss attributable to non-controlling interests	(13)	(15)	0	(36)
Comprehensive loss attributable to Driven Brands Holdings Inc.	$ (825,649)	$ (24,046)	$ (740,614)	$ (94,415)

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Statement of Comprehensive Income [Abstract]
Unrealized (loss) gain from cash flow hedges, net of tax expense (benefit)	$ 21	$ 12	$ 0	$ (14)
Actuarial (loss) gain of defined pension plan, net of tax expense	$ 0	$ 0	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 211,280	$ 227,110
Restricted cash	657	792
Accounts and notes receivable, net	165,573	179,888
Inventory	83,423	72,040
Prepaid and other assets	42,208	40,084
Income tax receivable	19,641	15,075
Assets held for sale	271,006	0
Advertising fund assets, restricted	63,983	36,421
Total current assets	857,771	571,410
Other assets	42,273	30,561
Property and equipment, net	1,408,970	1,545,738
Operating lease right-of-use assets	1,394,384	1,299,189
Deferred commissions	6,072	7,121
Intangibles, net	741,732	765,903
Goodwill	1,433,775	2,277,065
Deferred tax assets	2,817	2,911
Total assets	5,887,794	6,499,898
Current liabilities:
Accounts payable	90,440	60,606
Accrued expenses and other liabilities	256,347	317,318
Income tax payable	3,546	4,454
Current portion of long-term debt	31,869	32,986
Income tax receivable liability	54,791	53,328
Advertising fund liabilities	38,341	36,726
Total current liabilities	475,334	505,418
Long-term debt	2,877,059	2,705,281
Deferred tax liabilities	141,965	276,749
Operating lease liabilities	1,334,539	1,177,501
Income tax receivable liability	117,915	117,915
Deferred revenue	30,525	30,046
Long-term accrued expenses and other liabilities	29,530	33,419
Total liabilities	5,006,867	4,846,329
Commitments and contingencies
Preferred Stock $0.01 par value; 100,000,000 shares authorized; none issued or outstanding	0	0
Common stock, $0.01 par value, 900,000,000 shares authorized: and 163,959,225 and 167,404,047 shares outstanding; respectively	1,639	1,674
Additional paid-in capital	1,646,831	1,628,904
Retained (deficit) earnings	(696,938)	84,795
Accumulated other comprehensive loss	(71,236)	(62,435)
Total shareholders’ equity attributable to Driven Brands Holdings Inc.	880,296	1,652,938
Non-controlling interests	631	631
Total shareholders' equity	880,927	1,653,569
Total liabilities and shareholders' equity	$ 5,887,794	$ 6,499,898

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	900,000,000	900,000,000
Common stock, shares outstanding (in shares)	163,959,225	167,404,047

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’/MEMBERS’ EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Retained (deficit) earnings	Accumulated other comprehensive loss	Non-controlling interests
Beginning balance (in shares) at Dec. 25, 2021		167,380,450
Beginning balance at Dec. 25, 2021		$ 1,674	$ 1,605,890	$ 41,607	$ (5,028)	$ 1,099
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued relating to Employee Stock Purchase Plan (in shares)		143,707
Stock issued relating to Employee Stock Purchase Plan		$ 1
Shares issued for exercise/vesting of share-based compensation awards (in shares)		35,788
Forfeiture of restricted stock awards (in shares)		(155,898)
Forfeiture of restricted stock awards		$ (1)
Equity-based compensation expense			12,159
Exercise of stock options			2,431
Net (loss) income	$ 15,775			15,790		(15)
Other comprehensive loss	(110,226)				(110,205)	(21)
Divestiture of Denmark car wash operations						(432)
Ending balance (in shares) at Sep. 24, 2022		167,404,047
Ending balance at Sep. 24, 2022	1,564,949	$ 1,674	1,620,480	57,397	(115,233)	631
Beginning balance (in shares) at Jun. 25, 2022		167,444,108
Beginning balance at Jun. 25, 2022		$ 1,674	1,614,927	19,006	(52,796)	646
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued relating to Employee Stock Purchase Plan (in shares)		31,783
Shares issued for exercise/vesting of share-based compensation awards (in shares)		15,588
Forfeiture of restricted stock awards (in shares)		(87,432)
Equity-based compensation expense			5,308
Exercise of stock options			245
Net (loss) income	38,391			38,391
Other comprehensive loss	(62,452)				(62,437)	(15)
Ending balance (in shares) at Sep. 24, 2022		167,404,047
Ending balance at Sep. 24, 2022	$ 1,564,949	$ 1,674	1,620,480	57,397	(115,233)	631
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock (in shares)	0
Preferred stock	$ 0
Preferred stock (in shares)	0
Beginning balance (in shares) at Dec. 31, 2022	167,404,047	167,404,047
Beginning balance at Dec. 31, 2022	$ 1,653,569	$ 1,674	1,628,904	84,795	(62,435)	631
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued relating to Employee Stock Purchase Plan (in shares)		82,546
Stock issued relating to Employee Stock Purchase Plan		$ 1	2,080
Shares issued for exercise/vesting of share-based compensation awards (in shares)		348,087
Shares issued for exercise/vesting of share-based compensation awards		$ 3
Shares repurchased (in shares)	(3,601,694)	(3,601,694)
Shares repurchased	$ (50,000)	$ (36)		49,920
Forfeiture of restricted stock awards (in shares)		(273,761)
Forfeiture of restricted stock awards		$ (3)
Equity-based compensation expense			9,730
Exercise of stock options			6,117
Net (loss) income	(731,813)			(731,813)
Other comprehensive loss	$ (8,801)				(8,801)
Ending balance (in shares) at Sep. 30, 2023	163,959,225	163,959,225
Ending balance at Sep. 30, 2023	$ 880,927	$ 1,639	1,646,831	(696,938)	(71,236)	631
Beginning balance (in shares) at Jul. 01, 2023		167,366,561
Beginning balance at Jul. 01, 2023		$ 1,674	1,637,945	152,293	(44,898)	644
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued relating to Employee Stock Purchase Plan (in shares)		56,188
Stock issued relating to Employee Stock Purchase Plan		$ 1	1,468
Shares issued for exercise/vesting of share-based compensation awards (in shares)		169,784
Shares issued for exercise/vesting of share-based compensation awards		$ 1
Shares repurchased (in shares)	(3,601,694)	(3,601,694)
Shares repurchased	$ (50,000)	$ (36)		(49,920)
Forfeiture of restricted stock awards (in shares)		(31,614)
Forfeiture of restricted stock awards		$ (1)
Equity-based compensation expense			2,681
Exercise of stock options			4,737
Net (loss) income	(799,311)			(799,311)
Other comprehensive loss	$ (26,351)				(26,338)	(13)
Ending balance (in shares) at Sep. 30, 2023	163,959,225	163,959,225
Ending balance at Sep. 30, 2023	$ 880,927	$ 1,639	$ 1,646,831	$ (696,938)	$ (71,236)	$ 631
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock (in shares)	0
Preferred stock	$ 0

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’/MEMBERS’ EQUITY (Parenthetical) (Unaudited) - $ / shares	Sep. 30, 2023	Dec. 31, 2022	Sep. 24, 2022
Statement of Stockholders' Equity [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022
Statement of Cash Flows [Abstract]
Net (loss) income	$ (731,813)	$ 15,775
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	129,256	107,628
Goodwill impairment	850,970	0
Trade name impairment	0	125,450
Equity-based compensation expense	9,730	12,159
Loss on foreign denominated transactions	3,706	30,490
Gain on foreign currency derivatives	(3,704)	(2,981)
Loss (gain) on sale and disposal of businesses, fixed assets, and sale-leaseback transactions	1,730	(12,183)
Reclassification of interest rate hedge to income	(1,358)	0
Bad debt expense	1,244	1,011
Asset impairment costs	117,450	2,910
Amortization of deferred financing costs and bond discounts	6,287	6,807
Benefit for deferred income taxes	(134,266)	(38,216)
Other, net	24,432	15,620
Changes in assets and liabilities, net of acquisitions:
Accounts and notes receivable, net	2,464	(40,296)
Inventory	(12,531)	(17,898)
Prepaid and other assets	(3,909)	850
Advertising fund assets and liabilities, restricted	(10,923)	(4,612)
Other Assets	(29,210)	(3,767)
Deferred commissions	658	917
Deferred revenue	1,961	2,222
Accounts payable	24,913	(12,321)
Accrued expenses and other liabilities	(29,442)	(59,844)
Income tax receivable	(5,612)	37,931
Cash provided by operating activities	212,033	167,652
Cash flows from investing activities:
Capital expenditures	(482,633)	(276,222)
Cash used in business acquisitions, net of cash acquired	(53,641)	(652,085)
Proceeds from sale-leaseback transactions	172,230	150,112
Proceeds from sale or disposal of businesses and fixed assets	2,837	6,427
Cash used in investing activities	(361,207)	(771,768)
Cash flows from financing activities:
Repayment of long-term debt	(20,969)	(15,772)
Proceeds from revolving lines of credit and short-term debt	335,000	300,000
Repayments of revolving lines of credit and short-term debt	(120,000)	0
Repayment of principal portion of finance lease liability	(2,020)	(2,229)
Share repurchases	(49,956)	0
Stock option exercises	6,117	651
Other, net	(322)	(70)
Cash provided by financing activities	147,850	282,580
Effect of exchange rate changes on cash	365	(7,705)
Net change in cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted	(959)	(329,241)
Cash and cash equivalents, beginning of period	227,110	523,414
Cash included in advertising fund assets, restricted, beginning of period	32,871	38,586
Restricted cash, beginning of period	792	792
Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, beginning of period	260,773	562,792
Cash and cash equivalents, end of period	211,280	190,373
Cash included in advertising fund assets, restricted, end of period	47,877	42,386
Restricted cash, end of period	657	792
Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, end of period	259,814	233,551
Supplemental cash flow disclosures - non-cash items:
Capital expenditures included in accrued expenses and other liabilities	24,855	8,539
Deferred consideration included in accrued expenses and other liabilities	9,275	32,179
Supplemental cash flow disclosures - cash paid for:
Interest	120,261	78,572
Income taxes	$ 18,586	$ 9,184

Description of Business

Description of Business	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Description of Business Driven Brands Holdings Inc. together with its subsidiaries (collectively, the “Company”) is a Delaware corporation and is the parent holding company of Driven Brands, Inc. and Shine Holdco (UK) Limited (collectively, “Driven Brands”). Driven Brands is the largest automotive services company in North America with a growing and highly-franchised base of approximately 5,000 franchised, independently-operated, and company-operated locations across 49 U.S. states and 13 other countries. The Company has a portfolio of highly recognized brands, including Take 5 Oil Change ® , Take 5 Car Wash ® , Meineke Car Care Centers ® , MAACO ® , CARSTAR ® , Auto Glass Now ® , and 1-800-Radiator & A/C ® that compete in the automotive services industry. Approximately 74% of the Company’s locations are franchised or independently-operated. Tax Receivable Agreement The Company expects to be able to utilize certain tax benefits which are related to periods prior to the effective date of the Company’s IPO and are attributed to current and former shareholders. The Company previously entered into a tax receivable agreement which provides our pre-IPO shareholders with the right to receive payment of 85% of the amount of cash savings, if any, in U.S. and Canadian federal, state, local, and provincial income tax that the Company will actually realize. The tax receivable agreement was effective as of the date of the Company’s IPO. The Company recorded a current tax receivable liability of $55 million and $53 million as of September 30, 2023 and December 31, 2022, respectively, and a non-current tax receivable liability of $118 million as of September 30, 2023 and December 31, 2022, on the consolidated balance sheets.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Fiscal Year The Company operates and reports financial information on a 52- or 53-week year with the fiscal year ending on the last Saturday in December and fiscal quarters ending on the 13th Saturday of each quarter (or 14th Saturday when applicable with respect to the fourth fiscal quarter). The three and nine months ended September 30, 2023 and September 24, 2022, each consisted of 13 weeks and 39 weeks, respectively. The Car Wash segment is currently consolidated based on a calendar month end. Basis of Presentation The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited interim financial data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results of operations, balance sheet, cash flows, and shareholders’/members’ equity for the interim periods presented. The adjustments include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2022. Certain information and note disclosures normally included in the unaudited financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The results of operations for the three and nine months ended September 30, 2023 may not be indicative of the results to be expected for any other interim period or the year ending December 30, 2023. During the third quarter ending September 30, 2023, the Company began depreciating construction in progress relating to stores opened and placed into service during the fourth quarter of 2022 and the first half of 2023. The Company recorded an additional $4 million of depreciation expense for these assets in the three months ended September 30, 2023, of which less than $2 million related to each of the three months ended April 1, 2023 and July 1, 2023, respectively, and less than $1 million related to the year ended December 31, 2022. The Company evaluated the impact of the error and out-of-period adjustment and concluded it was not material to any previously issued interim or annual consolidated financial statements and the adjustment is not expected to be material to the year ending December 30, 2023. Certain prior year amounts have been reclassified to conform to current year presentation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the unaudited consolidated financial statements and the related notes to the unaudited consolidated financial statements. Significant items that are subject to estimates and assumptions include, but are not limited to, valuation of intangible assets and goodwill; income taxes; allowances for credit losses; valuation of derivatives; self-insurance claims; and stock-based compensation. Management evaluates its estimates on an ongoing basis and may employ outside experts to assist in its evaluations. Changes in such estimates, based on historical experience, current conditions, and various other additional information, may affect amounts reported in future periods. Actual results could differ due to uncertainty inherent in the natures of these estimates. Shares Repurchased We record shares repurchased on their trade date and reduce shareholders’ equity and increase accounts payable. Shares repurchased are retired, and the excess of repurchase price over the par value of the shares is charged to retained earnings. Fair Value of Financial Instruments Financial assets and liabilities are categorized, based on the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to the quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable inputs. Observable market data, when available, is required to be used in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company classifies and discloses assets and liabilities carried at fair value in one of the following three categories: Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; Level 2: Inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; or Level 3: Inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 are summarized as follows: Items Measured at Fair Value at September 30, 2023 (in thousands) Level 1 Level 2 Total Mutual fund investments held in rabbi trust $ — $ — $ — Derivative assets, recorded in prepaid and other assets — 215 215 Derivative assets, recorded in other assets — 2,804 2,804 Derivative liabilities, recorded in accrued expenses and other liabilities — 260 260 Items Measured at Fair Value at December 31, 2022 (in thousands) Level 1 Level 2 Total Mutual fund investments held in rabbi trust $ 758 $ — $ 758 Derivative assets, recorded in prepaid and other assets — 158 158 Derivative assets, recorded in other assets — 2,148 2,148 Derivative liabilities, recorded in accrued expenses and other liabilities — 5,005 5,005 The fair value of the Company’s foreign currency derivative instruments is derived from valuation models, which use Level 2 observable inputs such as quoted market prices, interest rates, and forward yield curves. The carrying value and estimated fair value of total long-term debt were as follows: September 30, 2023 December 31, 2022 (in thousands) Carrying value Estimated fair value Carrying value Estimated fair value Long-term debt $ 2,945,675 $ 2,691,397 $ 2,784,175 $ 2,477,456 Recently Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates and, particularly, the risk of cessation of LIBOR, regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The ASU provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. This guidance is effective immediately and the amendments may be applied prospectively through December 31, 2024. On June 2, 2023, the Company entered into a loan amendment to transition our LIBOR-based loans to the Secured Overnight Financing Rate (“SOFR”). The amendment went into effect on July 1, 2023 and did not have a material impact on the loans affected.

Acquisitions and Dispositions

Acquisitions and Dispositions	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions The Company strategically acquires companies and assets to increase its footprint and offer products and services that diversify its existing offerings, primarily through asset purchase agreements. These acquisitions are accounted for as business combinations using the acquisition method, whereby the purchase price is allocated to the assets acquired and liabilities assumed, based on their fair values as of the date of the acquisition with the remaining amount recorded in goodwill. 2023 Acquisitions The Company completed five acquisitions in the Maintenance segment during the nine months ended September 30, 2023, representing five sites. The aggregate cash consideration for these acquisitions, net of cash acquired and liabilities assumed, was approximately $8 million. The Company completed three acquisitions in the Car Wash segment during the nine months ended September 30, 2023, representing four sites. The aggregate cash consideration for these acquisitions, net of cash acquired and liabilities assumed, was approximately $15 million. The Company completed two acquisitions in the Paint, Collision & Glass segment during the nine months ended September 30, 2023, representing two sites. The aggregate cash consideration for these acquisitions, net of cash acquired and liabilities assumed, was approximately $6 million. The Company estimated the fair value of acquired assets and liabilities as of the date of acquisition based on information currently available. As the Company finalizes the fair value of assets acquired and liabilities assumed, additional purchase price adjustments may be recorded during the measurement period. The provisional amounts for assets acquired and liabilities assumed for the 2023 acquisitions are as follows: Maintenance Segment (in thousands) Maintenance Assets: Operating lease right-of-use assets $ 2,678 Property and equipment, net 3,805 Goodwill 3,759 Deferred tax asset 10 Assets acquired 10,252 Liabilities: Accrued expenses and other liabilities 179 Operating lease liabilities 2,476 Total liabilities assumed 2,655 Cash consideration, net of cash acquired 7,206 Deferred consideration 390 Total consideration, net of cash acquired $ 7,596 Car Wash Segment (in thousands) Car Wash Assets: Operating lease right-of-use assets $ 1,249 Property and equipment, net 11,181 Goodwill 4,125 Assets acquired 16,555 Liabilities: Accrued expenses and other liabilities 11 Deferred tax liability 6 Operating lease liabilities 1,220 Total liabilities assumed 1,237 Cash consideration, net of cash acquired 15,293 Deferred consideration 25 Total consideration, net of cash acquired $ 15,318 Paint, Collision & Glass Segment (in thousands) Paint, Collision & Glass Assets: Inventory $ 35 Property and equipment, net 667 Goodwill 4,889 Deferred tax asset 51 Assets acquired 5,642 Cash consideration, net of cash acquired 4,947 Deferred consideration 695 Total consideration, net of cash acquired $ 5,642 Goodwill represents the excess of the consideration paid over the fair value of net assets acquired and includes the expected benefit of synergies within the existing segments and intangible assets that do not qualify for separate recognition. Goodwill, which was allocated to the Car Wash, Maintenance, and Paint, Collision & Glass segments, is substantially all deductible for income tax purposes. Deferred Consideration and Transaction Costs Deferred consideration is typically paid six months to one-year after the acquisition closing date once all conditions under the purchase agreement have been satisfied. Nine Months Ended (in thousands) September 30, 2023 September 24, 2022 Deferred consideration at beginning of period $ 35,007 $ 16,000 Change in accrual 1,600 31,470 Payments (27,332) (15,291) Deferred consideration at end of period $ 9,275 $ 32,179 The Company incurred less than $1 million and approximately $1 million of transaction costs during the three months ended September 30, 2023 and September 24, 2022, respectively. The Company incurred less than $1 million and approximately $4 million of transaction costs during the nine months ended September 30, 2023 and September 24, 2022, respectively. 2022 Disposition On March 16, 2022, the Company disposed of its 75% owned subsidiary, IMO Denmark ApS, for consideration of $2 million. As a result of the sale, a $1 million loss was recognized within selling, general, and administrative expenses during the nine months ended September 24, 2022. Also, a noncontrolling interest of less than $1 million was derecognized. The Company allocated less than $1 million of goodwill as part of the sale.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers The Company records contract assets for the incremental costs of obtaining a contract with a customer if it expects the benefit of those costs to be longer than one year and if such costs are material. Commission expenses, a primary cost associated with the sale of franchise licenses, are amortized to selling, general and administrative expenses in the consolidated statements of operations ratably over the life of the associated franchise agreement. Capitalized costs to obtain a contract as of September 30, 2023 and December 31, 2022 were $6 million and $7 million, respectively, and are presented within deferred commissions on the consolidated balance sheets. The Company recognized less than $1 million of costs during the three months ended September 30, 2023 and September 24, 2022, respectively, that were recorded as a contract asset at the beginning of the periods. The Company recognized $1 million and less than $1 million of costs during the nine months ended September 30, 2023 and September 24, 2022, respectively, that were recorded as a contract asset at the beginning of the periods. Contract liabilities consist primarily of deferred franchise fees and deferred development fees. The Company had contract liabilities of $31 million and $29 million as of September 30, 2023 and December 31, 2022, respectively, which are presented within deferred revenue on the consolidated balance sheets. The Company recognized $1 million and less than $1 million of revenue relating to contract liabilities during the three months ended September 30, 2023 and September 24, 2022, respectively. The Company recognized $4 million and $3 million of revenue relating to contract liabilities during the nine months ended September 30, 2023 and September 24, 2022, respectively.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information The Company’s worldwide operations are comprised of the following reportable segments: Maintenance, Car Wash, Paint, Collision & Glass, and Platform Services. In addition to the reportable segments, the Company’s consolidated financial results include “Corporate and Other” activity. Corporate and Other incurs costs related to advertising fund revenu es and expenses and shared service costs, which are related to finance, information technology, human resources, legal, supply chain, and other support services. Corporate and Other activity includes the adjustments necessary to eliminate intercompany transactions, namely sales by the Platform Services segment to the Paint, Collision & Glass and Maintenance segments. Segment results for the three and nine months ended September 30, 2023 and September 24, 2022 are as follows: Three months ended September 30, 2023 (in thousands) Maintenance Car Wash Paint, Platform Corporate Total Franchise royalties and fees $ 14,566 $ — $ 23,799 $ 8,997 $ — $ 47,362 Company-operated store sales 204,460 98,132 85,207 1,242 — 389,041 Independently-operated store sales — 43,582 — — — 43,582 Advertising fund contributions — — — — 27,121 27,121 Supply and other revenue 25,333 1,099 20,408 45,695 (18,607) 73,928 Total revenue $ 244,359 $ 142,813 $ 129,414 $ 55,934 $ 8,514 $ 581,034 Segment Adjusted EBITDA $ 86,493 $ 24,429 $ 32,763 $ 22,417 $ (37,487) $ 128,615 Three months ended September 24, 2022 (in thousands) Maintenance Car Wash Paint, Platform Corporate Total Franchise royalties and fees $ 11,625 $ — $ 24,055 $ 9,882 $ — $ 45,562 Company-operated store sales 172,162 98,235 69,383 1,431 — 341,211 Independently-operated store sales — 40,469 — — — 40,469 Advertising fund contributions — — — — 22,018 22,018 Supply and other revenue 17,035 1,599 19,782 40,686 (11,768) 67,334 Total revenue $ 200,822 $ 140,303 $ 113,220 $ 51,999 $ 10,250 $ 516,594 Segment Adjusted EBITDA $ 68,763 $ 39,098 $ 38,919 $ 19,765 $ (36,437) $ 130,108 Nine months ended September 30, 2023 (in thousands) Maintenance Car Wash Paint, Platform Services Corporate Total Franchise royalties and fees $ 41,224 $ — $ 74,627 $ 24,831 $ — $ 140,682 Company-operated store sales 605,393 302,193 248,796 3,303 — 1,159,685 Independently-operated store sales — 157,647 — — — 157,647 Advertising fund contributions — — — — 73,547 73,547 Supply and other revenue 67,737 4,708 59,952 137,171 (50,777) 218,791 Total revenue $ 714,354 $ 464,548 $ 383,375 $ 165,305 $ 22,770 $ 1,750,352 Segment Adjusted EBITDA $ 245,232 $ 112,001 $ 109,724 $ 61,984 $ (119,088) $ 409,853 Nine months ended September 24, 2022 (in thousands) Maintenance Car Wash Paint, Platform Corporate Total Franchise royalties and fees $ 32,586 $ — $ 69,025 $ 26,689 $ — $ 128,300 Company-operated store sales 497,638 294,526 161,348 3,975 — 957,487 Independently-operated store sales — 158,500 — — — 158,500 Advertising fund contributions — — — — 63,807 63,807 Supply and other revenue 43,645 5,131 57,577 117,704 (38,610) 185,447 Total revenue $ 573,869 $ 458,157 $ 287,950 $ 148,368 $ 25,197 $ 1,493,541 Segment Adjusted EBITDA $ 185,324 $ 148,495 $ 100,847 $ 54,471 $ (103,922) $ 385,215 The reconciliations of Income before taxes to Segment Adjusted EBITDA for the three and nine months ended September 30, 2023 and September 24, 2022 are as follows: Three Months Ended Nine Months Ended (in thousands) September 30, 2023 September 24, 2022 September 30, 2023 September 24, 2022 (Loss) income before taxes $ (951,129) $ 52,863 $ (852,385) $ 24,367 Depreciation and amortization 45,639 36,518 129,256 107,628 Interest expense, net 41,292 27,323 120,304 78,946 Acquisition related costs (a) 1,667 2,325 7,264 9,981 Non-core items and project costs, net (b) 1,486 851 6,113 3,436 Store opening costs 1,372 753 3,774 1,925 Straight-line rent adjustment (c) 5,193 3,220 14,196 11,530 Cloud computing amortization (d) 991 — 991 — Equity-based compensation expense (e) 2,681 5,308 9,730 12,159 Foreign currency transaction loss, net (f) 2,980 15,582 3 30,490 Bad debt expense (g) — (449) — (449) Goodwill impairment (h) 850,970 — 850,970 — Trade name impairment (i) — — — 125,450 Asset sale leaseback (gain) loss, impairment and closed store expenses (j) 125,473 (14,186) 119,637 (20,248) Segment Adjusted EBITDA $ 128,615 $ 130,108 $ 409,853 $ 385,215 (a) Consists of acquisition costs as reflected within the unaudited consolidated statements of operations, including legal, consulting and other fees, and expenses incurred in connection with acquisitions completed during the applicable period, as well as inventory rationalization expenses incurred in connection with acquisitions. We expect to incur similar costs in connection with other acquisitions in the future and, under U.S. GAAP, such costs relating to acquisitions are expensed as incurred. (b) Consists of discrete items and project costs, including third party consulting and professional fees associated with strategic transformation initiatives as well as non-recurring payroll-related costs. (c) Consists of the non-cash portion of rent expense, which reflects the extent to which our straight-line rent expense recognized under U.S. GAAP exceeds or is less than our cash rent payments. (d) Includes non-cash amortization expenses relating cloud computing arrangements. (e) Represents non-cash equity-based compensation expense. (f) Represents foreign currency transaction (gains) losses, net that primarily related to the remeasurement of our intercompany loans, which are partially offset by unrealized gains and losses on remeasurement of cross currency swaps and forward contracts. (g) Represents the recovery of previously uncollectible receivables outside of normal operations. (h) Relates to a goodwill impairment within the Car Wash segment. Refer to Note 6 for additional information. (i) Certain indefinite lived Car Wash trade names were impaired as the Company elected to discontinue their use. Refer to Note 6 for additional information. (j) Relates to (gains) losses, net on sale leasebacks, impairment of certain fixed assets and operating lease right-of-use assets related to closed and underperforming locations, assets held for sale, and lease exit costs and other costs associated with stores that were closed prior to the respective lease termination dates. Refer to Note 6 for additional information.

Asset Impairment Charges

Asset Impairment Charges	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Asset Impairment Charges	Asset Impairment Charges 2023 Goodwill and Asset Impairment Charges During the quarter ended September 30, 2023, management performed a strategic review of the U.S. car wash operations, which included, but was not limited to, an evaluation of the following: store performance, the competitive landscape, revenue and expense optimization opportunities, and capital requirements. As a result of this strategic review, management approved the closure of 29 stores, halted the opening of new company-operated stores, and began marketing property and equipment for sale that will not be utilized by the Company. These actions resulted in impairment charges of $111 million relating to property and equipment, including assets held for sale, and right-of-use assets during the three months ended September 30, 2023 and the transfer of $271 million of assets from property and equipment to assets held for sale on the unaudited consolidated balance sheet as of September 30, 2023. Management expects the sale of these assets to occur over the next twelve months. As a result of the evaluation performed above, as well as other qualitative and quantitative factors, including a decline in the stock price during the third quarter of 2023, management determined a triggering event had occurred requiring a step one quantitative analysis of the Company’s goodwill and indefinite lived intangible assets. Based on the results of our interim impairment analysis, we concluded the carrying value of the U.S. Car Wash reporting unit exceeded its fair value, and we recorded a full goodwill impairment charge of $851 million during the three months ended September 30, 2023. The fair value of the remaining reporting units exceeded their carrying amounts, indicating no goodwill impairment. The fair values of each reporting unit were determined using a combination of the income approach and market approach valuation methodologies. The Company will continue to monitor the other reporting units. Reporting units that do not perform in accordance with expectations could result in impairment charges to other reporting units in future periods, including International Car Wash and Maintenance-Repair, primarily comprised of the Meineke brand. 2022 Trade name Impairment Charges

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The Company’s long-term debt obligations consist of the following: (in thousands) September 30, 2023 December 31, 2022 Series 2018-1 Securitization Senior Notes, Class A-2 $ 259,875 $ 261,938 Series 2019-1 Securitization Senior Notes, Class A-2 285,750 288,000 Series 2019-2 Securitization Senior Notes, Class A-2 264,000 266,063 Series 2020-1 Securitization Senior Notes, Class A-2 169,313 170,625 Series 2020-2 Securitization Senior Notes, Class A-2 437,625 441,000 Series 2021-1 Securitization Senior Notes, Class A-2 441,000 444,375 Series 2022-1 Securitization Senior Notes, Class A-2 361,350 364,088 Term Loan Facility 492,500 496,250 Revolving Credit Facility 215,000 — Other debt (a) 19,262 51,836 Total debt 2,945,675 2,784,175 Less: unamortized debt issuance costs (36,747) (45,908) Less: current portion of long-term debt (31,869) (32,986) Total long-term debt, net $ 2,877,059 $ 2,705,281 (a) Consists primarily of finance lease obligations. Series 2019-3 Variable Funding Securitization Senior Notes In December 2019, Driven Brands Funding, LLC (the “Issuer”) issued Series 2019-3 Variable Funding Senior Notes, Class A-1 (the “2019 VFN”) in the revolving amount of $115 million. The 2019 VFN have a final legal maturity date in January 2050. The commitment under the 2019 VFN were set to expire in July 2022, with the option of three one-year extensions. In July 2023, the Company exercised the first of three one-year extension options. The 2019 VFN are secured by substantially all assets of the Issuer and are guaranteed by the Securitization Entities. As of July 1, 2023, borrowings will incur interest at the Base Rate plus an applicable margin or Secured Overnight Financing Rate (“SOFR”) plus an applicable term adjustment. No amounts were outstanding under the 2019 VFN as of September 30, 2023 and no borrowings or repayments were made during the nine months ended September 30, 2023. As of September 30, 2023, there were $25 million of outstanding letters of credit which reduced the borrowing availability under the 2019 VFN. Driven Holdings Revolving Credit Facility In May 2021, Driven Holdings, LLC, (“the Borrower”) a Delaware limited liability company and indirect wholly-owned subsidiary of Driven Brands Holdings Inc., entered into a credit agreement to secure a revolving line of credit with a group of financial institutions (“Revolving Credit Facility”), which provides for an aggregate amount of up to $300 million, and has a maturity date in May 2026 (“Credit Agreement”). On June 2, 2023, the Credit Agreement was amended pursuant to which as of July 1, 2023, borrowings will incur interest at the Base Rate plus an applicable margin or SOFR plus an applicable term adjustment. The Revolving Credit Facility also includes periodic commitment fees based on the available unused balance and a quarterly administrative fee. There was $215 million outstanding on the Revolving Credit Facility as of September 30, 2023 with $335 million of borrowings and $120 million of repayments made during the nine months ended September 30, 2023. The Company’s debt agreements are subject to certain quantitative and qualitative covenants. As of September 30, 2023, the Company and its subsidiaries were in compliance with such covenants.

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	LeasesDuring the nine months ended September 30, 2023, the Company sold ten maintenance and 38 car wash properties in various locations throughout the United States for a total of $171 million, resulting in a net gain of $25 million. Concurrent with the closing of these sales, the Company entered into various operating lease agreements pursuant to which the Company leased back the properties. These lease agreements have initial terms of 16 to 20 years. The Company does not include option periods in its determination of the lease term unless renewals are deemed reasonably certain to be exercised. The Company recorded an operating lease right-of-use asset and operating lease liability of $132 million and $132 million, respectively, related to these lease arrangements as of September 30, 2023. During the nine months ended September 24, 2022, the Company sold seven maintenance and 30 car wash properties in various locations throughout the United States for a total of $156 million, resulting in a net gain of $18 million. Concurrent with the closing of these sales, the Company entered into various operating lease agreements pursuant to which the Company leased back the properties. These lease agreements have initial terms of 15 years to 20 years. The Company does not include option periods in its determination of the lease term unless renewals are deemed reasonably certain to be exercised. The Company recorded an operating lease right-of-use asset and operating lease liability of $121 million and $121 million, respectively, related to these lease arrangements as of September 24, 2022. The Company impaired $62 million of right-of-use assets relating to 28 leased stores that were approved for closure or underperforming during the three months ending September 30, 2023. Refer to Note 6 for additional information. Supplemental cash flow information related to the Company’s lease arrangements for the nine months ended September 30, 2023 and September 24, 2022, respectively, was as follows: Nine Months Ended (in thousands) September 30, 2023 September 24, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 108,232 $ 86,423 Operating cash flows used in finance leases 866 1,214 Financing cash flows used in finance leases 1,056 1,185
Leases	LeasesDuring the nine months ended September 30, 2023, the Company sold ten maintenance and 38 car wash properties in various locations throughout the United States for a total of $171 million, resulting in a net gain of $25 million. Concurrent with the closing of these sales, the Company entered into various operating lease agreements pursuant to which the Company leased back the properties. These lease agreements have initial terms of 16 to 20 years. The Company does not include option periods in its determination of the lease term unless renewals are deemed reasonably certain to be exercised. The Company recorded an operating lease right-of-use asset and operating lease liability of $132 million and $132 million, respectively, related to these lease arrangements as of September 30, 2023. During the nine months ended September 24, 2022, the Company sold seven maintenance and 30 car wash properties in various locations throughout the United States for a total of $156 million, resulting in a net gain of $18 million. Concurrent with the closing of these sales, the Company entered into various operating lease agreements pursuant to which the Company leased back the properties. These lease agreements have initial terms of 15 years to 20 years. The Company does not include option periods in its determination of the lease term unless renewals are deemed reasonably certain to be exercised. The Company recorded an operating lease right-of-use asset and operating lease liability of $121 million and $121 million, respectively, related to these lease arrangements as of September 24, 2022. The Company impaired $62 million of right-of-use assets relating to 28 leased stores that were approved for closure or underperforming during the three months ending September 30, 2023. Refer to Note 6 for additional information. Supplemental cash flow information related to the Company’s lease arrangements for the nine months ended September 30, 2023 and September 24, 2022, respectively, was as follows: Nine Months Ended (in thousands) September 30, 2023 September 24, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 108,232 $ 86,423 Operating cash flows used in finance leases 866 1,214 Financing cash flows used in finance leases 1,056 1,185

Shareholders_ Equity

Shareholders’ Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Shareholders’ Equity	Shareholders’ EquityIn August 2023, the Board of Directors authorized a program to repurchase up to $50 million of the Company’s common stock (the “Share Repurchase Program”). During the three and nine months ended September 30, 2023, the Company repurchased 3,601,694 shares of its common stock for approximately $50 million, at an average price per share of $13.87. All repurchases were made in open market transactions. As of September 30, 2023, the Company has completed the purchase of all shares under the Share Repurchase Program.

Equity-based Compensation

Equity-based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Equity-based Compensation	Equity-based Compensation The Company granted new awards during the three months ended September 30, 2023, consisting of 8,142 restricted stock units (“RSUs”). The Company granted new awards during the nine months ended September 30, 2023 consisting of 388,878 RSUs and 647,359 performance stock units (“PSUs”). Awards are eligible to vest provided that the employee remains in continuous service on each vesting date. Generally, the RSUs vest ratably in three installments on each of the first three three-year performance period. The number of PSUs that vest is contingent on the Company achieving certain performance goals, one being a market condition and the other being a performance condition. The number of PSU shares that vest may range from zero to 200% of the original grant, based upon the level of performance. The awards are considered probable of meeting vesting requirements, and therefore, the Company has started recognizing expense. The fair value of the total RSUs granted during the three months ended September 30, 2023 was less than $1 million. The fair value of the total RSUs, performance based PSUs, and market based PSUs granted during the nine months ended September 30, 2023 were $11 million, $11 million, and $9 million, respectively. The Company based the fair value of the RSUs and performance based PSUs on the Company’s stock price on the grant date. The range of assumptions used for issued PSUs with a market condition valued using the Monte Carlo model were as follows: Nine months ended September 30, 2023 September 24, 2022 Annual dividend yield —% —% Expected term (years) 2.6 - 2.8 2.4 - 2.8 Risk-free interest rate 3.65% - 4.51% 2.32% - 3.05% Expected volatility 37.9% - 38.8% 40.9% - 43.9% Correlation to the index peer group 60.2% - 60.3% 50.7% - 59.5% The Company recorded $3 million and $10 million of share-based compensation expense during the three and nine months ended September 30, 2023, respectively, and $5 million and $12 million during the three and nine months ended September 24, 2022, respectively, within selling, general and administrative expenses on the unaudited consolidated statements of operations.

(Loss) Earnings Per Share

(Loss) Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
(Loss) Earnings Per Share	(Loss) Earnings Per Share The Company calculates basic and diluted earnings (loss) per share using the two-class method. The following table sets forth the computation of basic and diluted earnings per share attributable to common shareholders: Three Months Ended Nine Months Ended (in thousands, except per share amounts) September 30, 2023 September 24, 2022 September 30, 2023 September 24, 2022 Basic (loss) earnings per share: Net (loss) income attributable to Driven Brands Holdings Inc. $ (799,311) 38,391 $ (731,813) 15,790 Less: Net (loss) income attributable to participating securities, basic (16,670) 809 (15,354) 335 Net (loss) income after participating securities, basic (782,641) 37,583 (716,459) 15,455 Weighted-average common shares outstanding 162,398 162,760 162,698 162,768 Basic (loss) earnings per share $ (4.82) $ 0.23 $ (4.40) $ 0.10 Three Months Ended Nine Months Ended (in thousands, except per share amounts) September 30, 2023 September 24, 2022 September 30, 2023 September 24, 2022 Diluted (loss) earnings per share: Net (loss) income attributable to Driven Brands Holdings Inc. $ (799,311) $ 38,391 $ (731,813) $ 15,790 Less: Net (loss) income attributable to participating securities, diluted (15,051) 721 (13,753) 299 Net (loss) income after participating securities, diluted $ (784,260) $ 37,670 $ (718,060) $ 15,491 Weighted-average common shares outstanding 162,398 162,760 162,698 162,768 Dilutive effect of share-based awards — 4,071 — 3,895 Weighted-average common shares outstanding, as adjusted 162,398 166,831 162,698 166,663 Diluted (loss) earnings per share $ (4.83) $ 0.23 $ (4.41) $ 0.09 Basic (loss) earnings per share is computed by dividing the net (loss) income attributable to Driven Brands Holdings Inc. by the weighted-average number of common shares outstanding for the period. In addition, the Company’s participating securities are related to certain restricted stock awards issued to Section 16 officers which include non-forfeitable dividend rights. As of September 30, 2023, the Company had 4,661,360 shares of performance awards that were contingent on performance conditions which had not yet been met, and therefore were excluded from the computation of weighted average shares for the three and nine months ended September 30, 2023. For the three and nine months ended September 30, 2023, we had net losses from operations. As a result, no potentially dilutive securities were included in the denominator for computing diluted loss per share as their inclusion would be antidilutive. The following securities were not included in the computation of diluted shares outstanding because the effect would be antidilutive: Three Months Ended Nine Months Ended Number of securities (in thousands) September 30, 2023 September 24, 2022 September 30, 2023 September 24, 2022 Restricted stock units 516 28 480 28 Stock Options 1,740 2,000 1,704 2,000 Total 2,256 2,028 2,184 2,028

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s tax (benefit) provision is comprised of the most recent estimated annual effective tax rate applied to year-to-date ordinary (loss) income before taxes. The tax impacts of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are recorded discretely in the interim period in which they occur. Income tax benefit was $152 million for the three months ended September 30, 2023 compared to an income tax expense of $14 million for the three months ended September 24, 2022. The effective income tax rate for the three months ended September 30, 2023 was 16.0% compared to 27.4% for the three months ended September 24, 2022. The net decrease in income tax expense and effective tax rate was primarily driven by the impairments recorded for the three months ended September 30, 2023.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 30, 2023, the Company converted 2,438,643 options and 2,963,829 restricted stock awards granted at the time of the Company’s IPO that were originally eligible to vest based on the achievements of certain returns of our sponsor after it owned and controlled less than 50% of our outstanding stock to time-based awards that vest in full on April 30, 2025, subject to a continuous service requirement through the vesting date. The fair value of these options and restricted stock awards on the modification date was approximately $10 million and $33 million, respectively. Stock compensation expense will be recognized ratably over the vesting period. The fair value of the modified stock options was estimated using a Black-Scholes option pricing model using the following assumptions: Annual dividend yield —% Expected term (years) 6.5 Risk-free interest rate 4.82 Expected volatility 49.8 Exercise price $22.00

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (799,311)	$ 38,391	$ (731,813)	$ 15,790

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Fiscal Year	Fiscal Year The Company operates and reports financial information on a 52- or 53-week year with the fiscal year ending on the last Saturday in December and fiscal quarters ending on the 13th Saturday of each quarter (or 14th Saturday when applicable with respect to the fourth fiscal quarter). The three and nine months ended September 30, 2023 and September 24, 2022, each consisted of 13 weeks and 39 weeks, respectively. The Car Wash segment is currently consolidated based on a calendar month end.
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited interim financial data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results of operations, balance sheet, cash flows, and shareholders’/members’ equity for the interim periods presented. The adjustments include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2022. Certain information and note disclosures normally included in the unaudited financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The results of operations for the three and nine months ended September 30, 2023 may not be indicative of the results to be expected for any other interim period or the year ending December 30, 2023. During the third quarter ending September 30, 2023, the Company began depreciating construction in progress relating to stores opened and placed into service during the fourth quarter of 2022 and the first half of 2023. The Company recorded an additional $4 million of depreciation expense for these assets in the three months ended September 30, 2023, of which less than $2 million related to each of the three months ended April 1, 2023 and July 1, 2023, respectively, and less than $1 million related to the year ended December 31, 2022. The Company evaluated the impact of the error and out-of-period adjustment and concluded it was not material to any previously issued interim or annual consolidated financial statements and the adjustment is not expected to be material to the year ending December 30, 2023. Certain prior year amounts have been reclassified to conform to current year presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the unaudited consolidated financial statements and the related notes to the unaudited consolidated financial statements. Significant items that are subject to estimates and assumptions include, but are not limited to, valuation of intangible assets and goodwill; income taxes; allowances for credit losses; valuation of derivatives; self-insurance claims; and stock-based compensation. Management evaluates its estimates on an ongoing basis and may employ outside experts to assist in its evaluations. Changes in such estimates, based on historical experience, current conditions, and various other additional information, may affect amounts reported in future periods. Actual results could differ due to uncertainty inherent in the natures of these estimates.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Financial assets and liabilities are categorized, based on the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to the quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable inputs. Observable market data, when available, is required to be used in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company classifies and discloses assets and liabilities carried at fair value in one of the following three categories: Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; Level 2: Inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; or Level 3: Inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.
Derivative Instruments	The fair value of the Company’s foreign currency derivative instruments is derived from valuation models, which use Level 2 observable inputs such as quoted market prices, interest rates, and forward yield curves.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates and, particularly, the risk of cessation of LIBOR, regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The ASU provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. This guidance is effective immediately and the amendments may be applied prospectively through December 31, 2024. On June 2, 2023, the Company entered into a loan amendment to transition our LIBOR-based loans to the Secured Overnight Financing Rate (“SOFR”). The amendment went into effect on July 1, 2023 and did not have a material impact on the loans affected.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	Financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 are summarized as follows: Items Measured at Fair Value at September 30, 2023 (in thousands) Level 1 Level 2 Total Mutual fund investments held in rabbi trust $ — $ — $ — Derivative assets, recorded in prepaid and other assets — 215 215 Derivative assets, recorded in other assets — 2,804 2,804 Derivative liabilities, recorded in accrued expenses and other liabilities — 260 260 Items Measured at Fair Value at December 31, 2022 (in thousands) Level 1 Level 2 Total Mutual fund investments held in rabbi trust $ 758 $ — $ 758 Derivative assets, recorded in prepaid and other assets — 158 158 Derivative assets, recorded in other assets — 2,148 2,148 Derivative liabilities, recorded in accrued expenses and other liabilities — 5,005 5,005
Schedule of Carrying Value and Estimated Fair Value of Total Long-Term Debt	The carrying value and estimated fair value of total long-term debt were as follows: September 30, 2023 December 31, 2022 (in thousands) Carrying value Estimated fair value Carrying value Estimated fair value Long-term debt $ 2,945,675 $ 2,691,397 $ 2,784,175 $ 2,477,456

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Estimated Purchase Price Allocation	The provisional amounts for assets acquired and liabilities assumed for the 2023 acquisitions are as follows: Maintenance Segment (in thousands) Maintenance Assets: Operating lease right-of-use assets $ 2,678 Property and equipment, net 3,805 Goodwill 3,759 Deferred tax asset 10 Assets acquired 10,252 Liabilities: Accrued expenses and other liabilities 179 Operating lease liabilities 2,476 Total liabilities assumed 2,655 Cash consideration, net of cash acquired 7,206 Deferred consideration 390 Total consideration, net of cash acquired $ 7,596 Car Wash Segment (in thousands) Car Wash Assets: Operating lease right-of-use assets $ 1,249 Property and equipment, net 11,181 Goodwill 4,125 Assets acquired 16,555 Liabilities: Accrued expenses and other liabilities 11 Deferred tax liability 6 Operating lease liabilities 1,220 Total liabilities assumed 1,237 Cash consideration, net of cash acquired 15,293 Deferred consideration 25 Total consideration, net of cash acquired $ 15,318 Paint, Collision & Glass Segment (in thousands) Paint, Collision & Glass Assets: Inventory $ 35 Property and equipment, net 667 Goodwill 4,889 Deferred tax asset 51 Assets acquired 5,642 Cash consideration, net of cash acquired 4,947 Deferred consideration 695 Total consideration, net of cash acquired $ 5,642
Schedule of Deferred Consideration and Transaction Costs	Nine Months Ended (in thousands) September 30, 2023 September 24, 2022 Deferred consideration at beginning of period $ 35,007 $ 16,000 Change in accrual 1,600 31,470 Payments (27,332) (15,291) Deferred consideration at end of period $ 9,275 $ 32,179

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Results	Segment results for the three and nine months ended September 30, 2023 and September 24, 2022 are as follows: Three months ended September 30, 2023 (in thousands) Maintenance Car Wash Paint, Platform Corporate Total Franchise royalties and fees $ 14,566 $ — $ 23,799 $ 8,997 $ — $ 47,362 Company-operated store sales 204,460 98,132 85,207 1,242 — 389,041 Independently-operated store sales — 43,582 — — — 43,582 Advertising fund contributions — — — — 27,121 27,121 Supply and other revenue 25,333 1,099 20,408 45,695 (18,607) 73,928 Total revenue $ 244,359 $ 142,813 $ 129,414 $ 55,934 $ 8,514 $ 581,034 Segment Adjusted EBITDA $ 86,493 $ 24,429 $ 32,763 $ 22,417 $ (37,487) $ 128,615 Three months ended September 24, 2022 (in thousands) Maintenance Car Wash Paint, Platform Corporate Total Franchise royalties and fees $ 11,625 $ — $ 24,055 $ 9,882 $ — $ 45,562 Company-operated store sales 172,162 98,235 69,383 1,431 — 341,211 Independently-operated store sales — 40,469 — — — 40,469 Advertising fund contributions — — — — 22,018 22,018 Supply and other revenue 17,035 1,599 19,782 40,686 (11,768) 67,334 Total revenue $ 200,822 $ 140,303 $ 113,220 $ 51,999 $ 10,250 $ 516,594 Segment Adjusted EBITDA $ 68,763 $ 39,098 $ 38,919 $ 19,765 $ (36,437) $ 130,108 Nine months ended September 30, 2023 (in thousands) Maintenance Car Wash Paint, Platform Services Corporate Total Franchise royalties and fees $ 41,224 $ — $ 74,627 $ 24,831 $ — $ 140,682 Company-operated store sales 605,393 302,193 248,796 3,303 — 1,159,685 Independently-operated store sales — 157,647 — — — 157,647 Advertising fund contributions — — — — 73,547 73,547 Supply and other revenue 67,737 4,708 59,952 137,171 (50,777) 218,791 Total revenue $ 714,354 $ 464,548 $ 383,375 $ 165,305 $ 22,770 $ 1,750,352 Segment Adjusted EBITDA $ 245,232 $ 112,001 $ 109,724 $ 61,984 $ (119,088) $ 409,853 Nine months ended September 24, 2022 (in thousands) Maintenance Car Wash Paint, Platform Corporate Total Franchise royalties and fees $ 32,586 $ — $ 69,025 $ 26,689 $ — $ 128,300 Company-operated store sales 497,638 294,526 161,348 3,975 — 957,487 Independently-operated store sales — 158,500 — — — 158,500 Advertising fund contributions — — — — 63,807 63,807 Supply and other revenue 43,645 5,131 57,577 117,704 (38,610) 185,447 Total revenue $ 573,869 $ 458,157 $ 287,950 $ 148,368 $ 25,197 $ 1,493,541 Segment Adjusted EBITDA $ 185,324 $ 148,495 $ 100,847 $ 54,471 $ (103,922) $ 385,215
Schedule of Reconciliation of Segment Adjusted EBITDA to Income Before Taxes	The reconciliations of Income before taxes to Segment Adjusted EBITDA for the three and nine months ended September 30, 2023 and September 24, 2022 are as follows: Three Months Ended Nine Months Ended (in thousands) September 30, 2023 September 24, 2022 September 30, 2023 September 24, 2022 (Loss) income before taxes $ (951,129) $ 52,863 $ (852,385) $ 24,367 Depreciation and amortization 45,639 36,518 129,256 107,628 Interest expense, net 41,292 27,323 120,304 78,946 Acquisition related costs (a) 1,667 2,325 7,264 9,981 Non-core items and project costs, net (b) 1,486 851 6,113 3,436 Store opening costs 1,372 753 3,774 1,925 Straight-line rent adjustment (c) 5,193 3,220 14,196 11,530 Cloud computing amortization (d) 991 — 991 — Equity-based compensation expense (e) 2,681 5,308 9,730 12,159 Foreign currency transaction loss, net (f) 2,980 15,582 3 30,490 Bad debt expense (g) — (449) — (449) Goodwill impairment (h) 850,970 — 850,970 — Trade name impairment (i) — — — 125,450 Asset sale leaseback (gain) loss, impairment and closed store expenses (j) 125,473 (14,186) 119,637 (20,248) Segment Adjusted EBITDA $ 128,615 $ 130,108 $ 409,853 $ 385,215 (a) Consists of acquisition costs as reflected within the unaudited consolidated statements of operations, including legal, consulting and other fees, and expenses incurred in connection with acquisitions completed during the applicable period, as well as inventory rationalization expenses incurred in connection with acquisitions. We expect to incur similar costs in connection with other acquisitions in the future and, under U.S. GAAP, such costs relating to acquisitions are expensed as incurred. (b) Consists of discrete items and project costs, including third party consulting and professional fees associated with strategic transformation initiatives as well as non-recurring payroll-related costs. (c) Consists of the non-cash portion of rent expense, which reflects the extent to which our straight-line rent expense recognized under U.S. GAAP exceeds or is less than our cash rent payments. (d) Includes non-cash amortization expenses relating cloud computing arrangements. (e) Represents non-cash equity-based compensation expense. (f) Represents foreign currency transaction (gains) losses, net that primarily related to the remeasurement of our intercompany loans, which are partially offset by unrealized gains and losses on remeasurement of cross currency swaps and forward contracts. (g) Represents the recovery of previously uncollectible receivables outside of normal operations. (h) Relates to a goodwill impairment within the Car Wash segment. Refer to Note 6 for additional information. (i) Certain indefinite lived Car Wash trade names were impaired as the Company elected to discontinue their use. Refer to Note 6 for additional information. (j) Relates to (gains) losses, net on sale leasebacks, impairment of certain fixed assets and operating lease right-of-use assets related to closed and underperforming locations, assets held for sale, and lease exit costs and other costs associated with stores that were closed prior to the respective lease termination dates. Refer to Note 6 for additional information.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Obligations	The Company’s long-term debt obligations consist of the following: (in thousands) September 30, 2023 December 31, 2022 Series 2018-1 Securitization Senior Notes, Class A-2 $ 259,875 $ 261,938 Series 2019-1 Securitization Senior Notes, Class A-2 285,750 288,000 Series 2019-2 Securitization Senior Notes, Class A-2 264,000 266,063 Series 2020-1 Securitization Senior Notes, Class A-2 169,313 170,625 Series 2020-2 Securitization Senior Notes, Class A-2 437,625 441,000 Series 2021-1 Securitization Senior Notes, Class A-2 441,000 444,375 Series 2022-1 Securitization Senior Notes, Class A-2 361,350 364,088 Term Loan Facility 492,500 496,250 Revolving Credit Facility 215,000 — Other debt (a) 19,262 51,836 Total debt 2,945,675 2,784,175 Less: unamortized debt issuance costs (36,747) (45,908) Less: current portion of long-term debt (31,869) (32,986) Total long-term debt, net $ 2,877,059 $ 2,705,281

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of Cash Flow Related to Lease Arrangements	Supplemental cash flow information related to the Company’s lease arrangements for the nine months ended September 30, 2023 and September 24, 2022, respectively, was as follows: Nine Months Ended (in thousands) September 30, 2023 September 24, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 108,232 $ 86,423 Operating cash flows used in finance leases 866 1,214 Financing cash flows used in finance leases 1,056 1,185

Equity-based Compensation (Tabl

Equity-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Valuation Assumptions	The range of assumptions used for issued PSUs with a market condition valued using the Monte Carlo model were as follows: Nine months ended September 30, 2023 September 24, 2022 Annual dividend yield —% —% Expected term (years) 2.6 - 2.8 2.4 - 2.8 Risk-free interest rate 3.65% - 4.51% 2.32% - 3.05% Expected volatility 37.9% - 38.8% 40.9% - 43.9% Correlation to the index peer group 60.2% - 60.3% 50.7% - 59.5%

(Loss) Earnings Per Share (Tabl

(Loss) Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings (Loss) Per Share Attributable to Common Shareholders	The following table sets forth the computation of basic and diluted earnings per share attributable to common shareholders: Three Months Ended Nine Months Ended (in thousands, except per share amounts) September 30, 2023 September 24, 2022 September 30, 2023 September 24, 2022 Basic (loss) earnings per share: Net (loss) income attributable to Driven Brands Holdings Inc. $ (799,311) 38,391 $ (731,813) 15,790 Less: Net (loss) income attributable to participating securities, basic (16,670) 809 (15,354) 335 Net (loss) income after participating securities, basic (782,641) 37,583 (716,459) 15,455 Weighted-average common shares outstanding 162,398 162,760 162,698 162,768 Basic (loss) earnings per share $ (4.82) $ 0.23 $ (4.40) $ 0.10 Three Months Ended Nine Months Ended (in thousands, except per share amounts) September 30, 2023 September 24, 2022 September 30, 2023 September 24, 2022 Diluted (loss) earnings per share: Net (loss) income attributable to Driven Brands Holdings Inc. $ (799,311) $ 38,391 $ (731,813) $ 15,790 Less: Net (loss) income attributable to participating securities, diluted (15,051) 721 (13,753) 299 Net (loss) income after participating securities, diluted $ (784,260) $ 37,670 $ (718,060) $ 15,491 Weighted-average common shares outstanding 162,398 162,760 162,698 162,768 Dilutive effect of share-based awards — 4,071 — 3,895 Weighted-average common shares outstanding, as adjusted 162,398 166,831 162,698 166,663 Diluted (loss) earnings per share $ (4.83) $ 0.23 $ (4.41) $ 0.09
Schedule of Antidilutive Shares	The following securities were not included in the computation of diluted shares outstanding because the effect would be antidilutive: Three Months Ended Nine Months Ended Number of securities (in thousands) September 30, 2023 September 24, 2022 September 30, 2023 September 24, 2022 Restricted stock units 516 28 480 28 Stock Options 1,740 2,000 1,704 2,000 Total 2,256 2,028 2,184 2,028

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Schedule of Time-Based Stock Options	The fair value of the modified stock options was estimated using a Black-Scholes option pricing model using the following assumptions: Annual dividend yield —% Expected term (years) 6.5 Risk-free interest rate 4.82 Expected volatility 49.8 Exercise price $22.00

Description of Business (Detail

Description of Business (Details) $ in Thousands	Sep. 30, 2023 USD ($) franchise_location	Dec. 31, 2022 USD ($)	Jan. 14, 2021
Subsidiary, Sale of Stock [Line Items]
Number of locations franchised, independently-operated, and company-operated	5,000
Number of states in which entity operates	49
Number of countries across europe in which entity operates	13
Percentage of locations franchised or independently operated	0.74
Income tax receivable liability, current | $	$ 54,791	$ 53,328
Income tax receivable liability, noncurrent | $	$ 117,915	$ 117,915
Pre-IPO Stockholders
Subsidiary, Sale of Stock [Line Items]
Income taxes receivable percentage			0.85

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Depreciation	$ 4	$ 2	$ 2	$ 1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Mutual fund investments held in rabbi trust	$ 0	$ 758
Prepaid Expenses and Other Current Assets
Subsidiary, Sale of Stock [Line Items]
Derivative asset	215	158
Other Assets
Subsidiary, Sale of Stock [Line Items]
Derivative asset	2,804	2,148
Other Noncurrent Liabilities
Subsidiary, Sale of Stock [Line Items]
Derivative liabilities, recorded in accrued expenses and other liabilities	260	5,005
Level 1
Subsidiary, Sale of Stock [Line Items]
Mutual fund investments held in rabbi trust	0	758
Level 1 | Prepaid Expenses and Other Current Assets
Subsidiary, Sale of Stock [Line Items]
Derivative asset	0	0
Level 1 | Other Assets
Subsidiary, Sale of Stock [Line Items]
Derivative asset	0	0
Level 1 | Other Noncurrent Liabilities
Subsidiary, Sale of Stock [Line Items]
Derivative liabilities, recorded in accrued expenses and other liabilities	0	0
Level 2
Subsidiary, Sale of Stock [Line Items]
Mutual fund investments held in rabbi trust	0	0
Level 2 | Prepaid Expenses and Other Current Assets
Subsidiary, Sale of Stock [Line Items]
Derivative asset	215	158
Level 2 | Other Assets
Subsidiary, Sale of Stock [Line Items]
Derivative asset	2,804	2,148
Level 2 | Other Noncurrent Liabilities
Subsidiary, Sale of Stock [Line Items]
Derivative liabilities, recorded in accrued expenses and other liabilities	$ 260	$ 5,005

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Carrying Value and Estimated Fair Value of Total Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Carrying value
Subsidiary, Sale of Stock [Line Items]
Long-term debt	$ 2,945,675	$ 2,784,175
Estimated fair value
Subsidiary, Sale of Stock [Line Items]
Long-term debt	$ 2,691,397	$ 2,477,456

Acquisitions and Dispositions -

Acquisitions and Dispositions - Narrative (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Mar. 16, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 24, 2022 USD ($)	Sep. 30, 2023 USD ($) acquisition maintenance_site car_wash_site	Sep. 24, 2022 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Cash used in business acquisitions, net of cash acquired				$ 53,641	$ 652,085
Acquisition costs (less than)		$ 1,667	$ 2,325	7,264	9,981
Consideration received		171,000	156,000	171,000	156,000
Net loss on disposal				(25,000)	(18,000)
Goodwill		1,433,775		$ 1,433,775		$ 2,277,065
Minimum
Business Acquisition [Line Items]
Deferred consideration payment period				6 months
Maximum
Business Acquisition [Line Items]
Deferred consideration payment period				1 year
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Ownership interest, percentage	75%
Consideration received	$ 2,000
Net loss on disposal				$ 1,000
Derecognized noncontrolling interest (less than)	1,000
Goodwill	$ 1,000
2023 Acquisitions | Maintenance
Business Acquisition [Line Items]
Number of businesses acquired | acquisition				5
Number of maintenance sites | maintenance_site				5
Cash used in business acquisitions, net of cash acquired				$ 8,000
2023 Acquisitions | Car Wash
Business Acquisition [Line Items]
Number of businesses acquired | acquisition				3
Cash used in business acquisitions, net of cash acquired				$ 15,000
Number of car wash sites | car_wash_site				4
2023 Acquisitions | Paint, Collision & Glass
Business Acquisition [Line Items]
Number of businesses acquired | acquisition				2
Cash used in business acquisitions, net of cash acquired				$ 6,000
Number of paint, collision and glass sites | maintenance_site				2
Business Acquisition
Business Acquisition [Line Items]
Acquisition costs (less than)		$ 1,000	$ 1,000	$ 1,000	$ 4,000

Acquisitions and Dispositions_2

Acquisitions and Dispositions - Schedule of Estimated Purchase Price Allocation (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Dec. 31, 2022
Assets:
Goodwill	$ 1,433,775		$ 2,277,065
Liabilities:
Cash consideration, net of cash acquired	53,641	$ 652,085
Maintenance
Assets:
Operating lease right-of-use assets	2,678
Property and equipment, net	3,805
Goodwill	3,759
Deferred tax asset	10
Assets acquired	10,252
Liabilities:
Accrued expenses and other liabilities	179
Operating lease liabilities	2,476
Total liabilities assumed	2,655
Cash consideration, net of cash acquired	7,206
Deferred consideration	390
Total consideration, net of cash acquired	7,596
Car Wash
Assets:
Operating lease right-of-use assets	1,249
Property and equipment, net	11,181
Goodwill	4,125
Assets acquired	16,555
Liabilities:
Accrued expenses and other liabilities	11
Deferred tax liability	6
Operating lease liabilities	1,220
Total liabilities assumed	1,237
Cash consideration, net of cash acquired	15,293
Deferred consideration	25
Total consideration, net of cash acquired	15,318
Paint, Collision & Glass
Assets:
Property and equipment, net	667
Goodwill	4,889
Deferred tax asset	51
Inventory	35
Assets acquired	5,642
Liabilities:
Cash consideration, net of cash acquired	4,947
Deferred consideration	695
Total consideration, net of cash acquired	$ 5,642

Acquisitions and Dispositions_3

Acquisitions and Dispositions - Schedule of Deferred Consideration and Transaction Costs (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022
Deferred Consideration [Roll Forward]
Deferred consideration at end of period	$ 9,275	$ 32,179
2022 Acquisitions
Deferred Consideration [Roll Forward]
Deferred consideration at beginning of period	35,007	16,000
Change in accrual	1,600	31,470
Payments	(27,332)	(15,291)
Deferred consideration at end of period	$ 9,275	$ 32,179

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Capitalized costs to obtain a contract	$ 6		$ 6		$ 7
Contract assets	1	$ 1	1	$ 1
Contract liabilities	31		31		$ 29
Revenue recognized (less than)	$ 1	$ 1	$ 4	$ 3

Segment Information - Schedule

Segment Information - Schedule of Segment Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Segment Reporting Information [Line Items]
Total revenue	$ 581,034	$ 516,594	$ 1,750,352	$ 1,493,541
Franchise royalties and fees
Segment Reporting Information [Line Items]
Total revenue	47,362	45,562	140,682	128,300
Company-operated store sales
Segment Reporting Information [Line Items]
Total revenue	389,041	341,211	1,159,685	957,487
Independently-operated store sales
Segment Reporting Information [Line Items]
Total revenue	43,582	40,469	157,647	158,500
Advertising fund contributions
Segment Reporting Information [Line Items]
Total revenue	27,121	22,018	73,547	63,807
Supply and other revenue
Segment Reporting Information [Line Items]
Total revenue	73,928	67,334	218,791	185,447
Operating Segments | Maintenance
Segment Reporting Information [Line Items]
Total revenue	244,359	200,822	714,354	573,869
Segment Adjusted EBITDA	86,493	68,763	245,232	185,324
Operating Segments | Maintenance | Franchise royalties and fees
Segment Reporting Information [Line Items]
Total revenue	14,566	11,625	41,224	32,586
Operating Segments | Maintenance | Company-operated store sales
Segment Reporting Information [Line Items]
Total revenue	204,460	172,162	605,393	497,638
Operating Segments | Maintenance | Independently-operated store sales
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Maintenance | Advertising fund contributions
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Maintenance | Supply and other revenue
Segment Reporting Information [Line Items]
Total revenue	25,333	17,035	67,737	43,645
Operating Segments | Car Wash
Segment Reporting Information [Line Items]
Total revenue	142,813	140,303	464,548	458,157
Segment Adjusted EBITDA	24,429	39,098	112,001	148,495
Operating Segments | Car Wash | Franchise royalties and fees
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Car Wash | Company-operated store sales
Segment Reporting Information [Line Items]
Total revenue	98,132	98,235	302,193	294,526
Operating Segments | Car Wash | Independently-operated store sales
Segment Reporting Information [Line Items]
Total revenue	43,582	40,469	157,647	158,500
Operating Segments | Car Wash | Advertising fund contributions
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Car Wash | Supply and other revenue
Segment Reporting Information [Line Items]
Total revenue	1,099	1,599	4,708	5,131
Operating Segments | Paint, Collision & Glass
Segment Reporting Information [Line Items]
Total revenue	129,414	113,220	383,375	287,950
Segment Adjusted EBITDA	32,763	38,919	109,724	100,847
Operating Segments | Paint, Collision & Glass | Franchise royalties and fees
Segment Reporting Information [Line Items]
Total revenue	23,799	24,055	74,627	69,025
Operating Segments | Paint, Collision & Glass | Company-operated store sales
Segment Reporting Information [Line Items]
Total revenue	85,207	69,383	248,796	161,348
Operating Segments | Paint, Collision & Glass | Independently-operated store sales
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Paint, Collision & Glass | Advertising fund contributions
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Paint, Collision & Glass | Supply and other revenue
Segment Reporting Information [Line Items]
Total revenue	20,408	19,782	59,952	57,577
Operating Segments | Platform Services
Segment Reporting Information [Line Items]
Total revenue	55,934	51,999	165,305	148,368
Segment Adjusted EBITDA	22,417	19,765	61,984	54,471
Operating Segments | Platform Services | Franchise royalties and fees
Segment Reporting Information [Line Items]
Total revenue	8,997	9,882	24,831	26,689
Operating Segments | Platform Services | Company-operated store sales
Segment Reporting Information [Line Items]
Total revenue	1,242	1,431	3,303	3,975
Operating Segments | Platform Services | Independently-operated store sales
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Platform Services | Advertising fund contributions
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Platform Services | Supply and other revenue
Segment Reporting Information [Line Items]
Total revenue	45,695	40,686	137,171	117,704
Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	8,514	10,250	22,770	25,197
Segment Adjusted EBITDA	(37,487)	(36,437)	(119,088)	(103,922)
Corporate and Other | Franchise royalties and fees
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Corporate and Other | Company-operated store sales
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Corporate and Other | Independently-operated store sales
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Corporate and Other | Advertising fund contributions
Segment Reporting Information [Line Items]
Total revenue	27,121	22,018	73,547	63,807
Corporate and Other | Supply and other revenue
Segment Reporting Information [Line Items]
Total revenue	(18,607)	(11,768)	(50,777)	(38,610)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	$ 128,615	$ 130,108	$ 409,853	$ 385,215

Segment Information - Schedul_2

Segment Information - Schedule of Reconciliation of Segment Adjusted EBITDA to Income Before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Segment Reporting Information [Line Items]
Depreciation and amortization			$ 129,256	$ 107,628
Interest expense, net	$ 41,292	$ 27,323	120,304	78,946
Acquisition related costs	1,667	2,325	7,264	9,981
Store opening costs	1,372	753	3,774	1,925
Bad debt expense			1,244	1,011
Goodwill impairment	850,970	0	850,970	0
Impairment charges	0	0	0	125,450
Trade Names
Segment Reporting Information [Line Items]
Impairment charges				126,000
Segment Reconciling Items
Segment Reporting Information [Line Items]
(Loss) income before taxes	(951,129)	52,863	(852,385)	24,367
Depreciation and amortization	45,639	36,518	129,256	107,628
Interest expense, net	41,292	27,323	120,304	78,946
Acquisition related costs	1,667	2,325	7,264	9,981
Non-core items and project costs, net	1,486	851	6,113	3,436
Store opening costs	1,372	753	3,774	1,925
Straight-line rent adjustment	5,193	3,220	14,196	11,530
Cloud computing amortization	991	0	991	0
Equity-based compensation expense	2,681	5,308	9,730	12,159
Foreign currency transaction loss, net	2,980	15,582	3	30,490
Bad debt expense	0	(449)	0	(449)
Goodwill impairment	850,970	0	850,970	0
Asset sale leaseback (gain) loss, impairment and closed store expenses	125,473	(14,186)	119,637	(20,248)
Segment Adjusted EBITDA	128,615	130,108	409,853	385,215
Segment Reconciling Items | Trade Names
Segment Reporting Information [Line Items]
Impairment charges	$ 0	$ 0	$ 0	$ 125,450

Asset Impairment Charges (Detai

Asset Impairment Charges (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) stores	Sep. 24, 2022 USD ($)	Sep. 30, 2023 USD ($) stores	Sep. 24, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jun. 25, 2022 USD ($)
Indefinite-Lived Intangible Assets [Line Items]
Number of stores closed | stores	29		29
Impairment of property and equipment and right-of-use assets	$ 111,000		$ 111,000
Assets held for sale	271,006		271,006		$ 0
Impairment charges	0	$ 0	0	$ 125,450
Trade Names
Indefinite-Lived Intangible Assets [Line Items]
Intangible assets fair value						$ 6,000
Intangible assets						$ 132,000
Impairment charges				$ 126,000
Impairment of intangible assets, completion term				2 years 6 months
Amortization period for remaining carrying value						30 months
Trade Names | Maximum
Indefinite-Lived Intangible Assets [Line Items]
Amortization period for remaining carrying value						2 years 6 months
Car Wash
Indefinite-Lived Intangible Assets [Line Items]
Intangible assets fair value	$ 851,000		$ 851,000

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 2,945,675	$ 2,784,175
Less: unamortized debt issuance costs	(36,747)	(45,908)
Less: current portion of long-term debt	(31,869)	(32,986)
Total long-term debt, net	2,877,059	2,705,281
Senior notes | Series 2018-1 Securitization Senior Notes, Class A-2
Debt Instrument [Line Items]
Total debt	259,875	261,938
Senior notes | Series 2019-1 Securitization Senior Notes, Class A-2
Debt Instrument [Line Items]
Total debt	285,750	288,000
Senior notes | Series 2019-2 Securitization Senior Notes, Class A-2
Debt Instrument [Line Items]
Total debt	264,000	266,063
Senior notes | Series 2020-1 Securitization Senior Notes, Class A-2
Debt Instrument [Line Items]
Total debt	169,313	170,625
Senior notes | Series 2020-2 Securitization Senior Notes, Class A-2
Debt Instrument [Line Items]
Total debt	437,625	441,000
Senior notes | Series 2021-1 Securitization Senior Notes, Class A-2
Debt Instrument [Line Items]
Total debt	441,000	444,375
Senior notes | Series 2022-1 Securitization Senior Notes, Class A-2
Debt Instrument [Line Items]
Total debt	361,350	364,088
Term Loan Facility
Debt Instrument [Line Items]
Total debt	492,500	496,250
Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	215,000	0
Other debt
Debt Instrument [Line Items]
Total debt	$ 19,262	$ 51,836

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details)	1 Months Ended	9 Months Ended
	Dec. 31, 2019 USD ($) extension_option	Sep. 30, 2023 USD ($)	Sep. 24, 2022 USD ($)	Dec. 31, 2022 USD ($)	May 31, 2021 USD ($)
Debt Instrument [Line Items]
Total debt		$ 2,945,675,000		$ 2,784,175,000
Proceeds from revolving lines of credit and short-term debt		335,000,000	$ 300,000,000
Repayments of revolving lines of credit and short-term debt		120,000,000	$ 0
Revolving Credit Facility | Series 2019-3 Variable Funding Senior Notes, Class A-1
Debt Instrument [Line Items]
Aggregate principal amount	$ 115,000,000
Number of extension options | extension_option	3
Extension period	1 year
Outstanding debt		0
Borrowings or repayments of debt		0
Outstanding letters of credit		$ 25,000,000
Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Aggregate principal amount					$ 300,000,000

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 24, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 maintenance_site	Sep. 30, 2023 car_wash_site	Sep. 30, 2023 stores	Dec. 31, 2022 USD ($)	Sep. 24, 2022 USD ($)	Sep. 24, 2022 maintenance_site	Sep. 24, 2022 car_wash_site
Lessee, Lease, Description [Line Items]
Number cash wash properties sold					10	38				7,000	30,000
Total consideration				$ 171,000					$ 156,000
Net gain on sale		$ 25,000	$ 18,000
Operating lease right-of-use assets				1,394,384				$ 1,299,189
Impairment	$ 62,000
Number of stores | stores							28
March 2021 Operating Lease Agreements
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets				132,000					121,000
Operating lease liability				$ 132,000					$ 121,000
Minimum | March 2021 Operating Lease Agreements
Lessee, Lease, Description [Line Items]
Lease term	16 years	16 years	15 years
Maximum | March 2021 Operating Lease Agreements
Lessee, Lease, Description [Line Items]
Lease term	20 years	20 years	20 years

Leases - Schedule of Cash Flow

Leases - Schedule of Cash Flow Related to Lease Arrangements (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$ 108,232	$ 86,423
Operating cash flows used in finance leases	866	1,214
Financing cash flows used in finance leases	$ 1,056	$ 1,185

Shareholders_ Equity (Details)

Shareholders’ Equity (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Aug. 31, 2023
Equity [Abstract]
Stock repurchase program, authorized amount			$ 50,000,000
Shares repurchased (in shares)	3,601,694	3,601,694
Shares repurchased	$ 50,000,000	$ 50,000,000
Shares acquired average cost (in dollars per share)	$ 13.87	$ 13.87

Equity-based Compensation - Nar

Equity-based Compensation - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) Installment shares	Sep. 24, 2022 USD ($)	Sep. 30, 2023 USD ($) Installment shares	Sep. 24, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 3,000	$ 5,000	$ 9,730	$ 12,159
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of granted new awards (in shares) | shares	8,142		388,878
Grant-date fair value of PSUs granted	$ 1,000		$ 11,000
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of granted new awards (in shares) | shares			647,359
Number of vesting installments | Installment	3		3
Award vesting period			3 years
Performance stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage			0%
Performance stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage			200%
Restricted stock award, performance based PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date fair value of PSUs granted			$ 11,000
Restricted stock award, market-based PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date fair value of PSUs granted			$ 9,000

Equity-based Compensation - Sch

Equity-based Compensation - Schedule of Valuation Assumptions (Details) - Performance stock units	9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual dividend yield	0%	0%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	2 years 7 months 6 days	2 years 4 months 24 days
Risk-free interest rate	3.65%	2.32%
Expected volatility	37.90%	40.90%
Correlation to the index peer group	60.20%	50.70%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	2 years 9 months 18 days	2 years 9 months 18 days
Risk-free interest rate	4.51%	3.05%
Expected volatility	38.80%	43.90%
Correlation to the index peer group	60.30%	59.50%

(Loss) Earnings Per Share - Sch

(Loss) Earnings Per Share - Schedule of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Basic (loss) earnings per share:
Net (loss) income attributable to Driven Brands Holdings Inc.	$ (799,311)	$ 38,391	$ (731,813)	$ 15,790
Less: Net (loss) income attributable to participating securities, basic	(16,670)	809	(15,354)	335
Net (loss) income after participating securities, basic	$ (782,641)	$ 37,583	$ (716,459)	$ 15,455
Weighted-average common shares outstanding (in shares)	162,398	162,760	162,698	162,768
Basic (loss) earnings per share (in dollars per share)	$ (4.82)	$ 0.23	$ (4.40)	$ 0.10
Diluted (loss) earnings per share:
Less: Net (loss) income attributable to participating securities, diluted	$ (15,051)	$ 721	$ (13,753)	$ 299
Net (loss) income after participating securities, diluted	$ (784,260)	$ 37,670	$ (718,060)	$ 15,491
Dilutive effect of share-based awards (in shares)	0	4,071	0	3,895
Weighted-average common shares outstanding, as adjusted (in shares)	162,398	166,831	162,698	166,663
Diluted (loss) earnings per share (in dollars per share)	$ (4.83)	$ 0.23	$ (4.41)	$ 0.09

(Loss) Earnings Per Share - Nar

(Loss) Earnings Per Share - Narrative (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Earnings Per Share [Abstract]
Performance awards contingent on performance conditions which have not been met yet (in shares)	4,661,360	4,661,360

(Loss) Earnings Per Share - S_2

(Loss) Earnings Per Share - Schedule of Antidilutive Shares (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,256	2,028	2,184	2,028
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	516	28	480	28
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,740	2,000	1,704	2,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (151,818)	$ 14,472	$ (120,572)	$ 8,592
Effective income tax rate	16%	27.40%	14.10%	35.30%

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - Subsequent Event $ in Millions	Oct. 30, 2023 USD ($) shares
Subsequent Event [Line Items]
Granted (in shares) | shares	2,963,829
Percentage of outstanding stock	50%
Performance Based Employee Stock Option
Subsequent Event [Line Items]
Granted (in shares) | shares	2,438,643
Time Based Options
Subsequent Event [Line Items]
Fair value | $	$ 10
Restricted Stock
Subsequent Event [Line Items]
Fair value | $	$ 33

Subsequent Events - Schedule of

Subsequent Events - Schedule of Time-Based Stock Options (Details) - Subsequent Event	Oct. 30, 2023 $ / shares
Subsequent Event [Line Items]
Annual dividend yield	0%
Expected term (years)	6 years 6 months
Risk-free interest rate	482%
Expected volatility	4,980%
Exercise price (in dollars per share)	$ 22